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NEW YORK (Reuters) - The S&P 500 index hit a record high on Wednesday after the Federal Reserve said it would continue buying bonds at an $85 billion monthly pace for now, surprising financial markets that were braced for a reduction in the stimulus program. The Dow Jones industrial average rose 69.19 points or 0.45 percent, to 15,598.92, the S&P 500 gained 9.84 points or 0.58 percent, to 1,714.6 and the Nasdaq Composite added 15.708 points or 0.42 percent, to 3,761.407. The S&P hit an intraday record high of 1,718.19. (Reporting by Rodrigo Campos; Editing by Kenneth Barry)